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April 22, 2022

Anchorage Digital Bank has an inadequate AML compliance program and will have to create a committee within 15 days to develop a remediation plan and submit progress reports, according to the Office of the Comptroller of the Currency.

The bank asked to move the discrimination case from a Black magistrate to a supervising White district judge, which attorneys for plaintiffs said was an attempt to ‘redline the federal court.’

The New York bank is planning a broad launch of its new checking account later this year. Starting this week, more than 20,000 Goldman employees have a chance to try it out.

First Horizon Advisors resolved a supervisory investigation involving a former rep after its parent firm announced it’s being purchased for $13.4 billion.

Last year, the Cleveland bank stopped providing cards to government benefit recipients in the Prairie State. During the first quarter, it reported a 23.8% decline in noninterest income from cards and payment services.

The Consumer Financial Protection Bureau and the New York attorney general sued the wire giant for failing to transfer funds, delaying refunds to customers and repeatedly ignoring rules around money transfers.

The U.K. seized 2 million pounds ($2.61 million) from a London-based fintech firm, saying that the funds were linked to a $150 million U.S. wire fraud conspiracy.

The Georgia bank warns that the one-two punch of rising inflation and supply-chain issues on its smaller commercial customers makes that asset class “something we would watch” for potential losses.

Viktoria Earle, who has been with the credit union since 2013, will take over for Craig Weber in May.

While millions of employees have voluntarily left their jobs over the past year, senior level industry leaders have continued to advance their careers.

Noah Bank is considering proposals from an investor group and a New Jersey-based peer.

To appeal to a younger audience, credit unions are teaming up with third parties that can help them offer Bitcoin accounts, real-time payments and other cutting-edge services.

The U.S. moratorium on student-loan payments is slated to be lifted at the end of August, but more than half of borrowers said in a survey that they wouldn’t be able to make a single monthly payment today if they had to.

U.K. regulators have told JPMorgan Chase to review how the firm manages its operational risk as the Prudential Regulation Authority intensifies its scrutiny of the reporting processes of banks it regulates.

Bank of America said it will make all of its plastic credit and debit cards from recycled material beginning next year.